TaxTMI 
TaxTMI 
2021 (11) TMI 311
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....2. In ITA. No. 3876/Del/2018 the assessee has raised the following grounds of appeal:- "DISALLOWANCE OF BAD DEBTS WRITTEN OFF 1. That on the facts and law the learned Commissioner of Income Tax (Appeals) [CIT(A)] erred in upholding the disallowance of Rs. 4,09,29,605/- on account of irrecoverable debts/advances written off during the year, on the ground that irrecoverability of the debts has not been proved. 2. That the disallowance of Rs. 4,09,29,605/- for bad debts actually written off during the year is contrary to facts and law and is based on ignoring or not appreciating the facts, submissions, material on record, case laws in favour of the appellant and the Circular of the Central Board of Direct Taxes, No. ....
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....Ld. CIT(A) is against the law and facts of the case involved. 7. That the Grounds of Appeal as herein are without prejudice to each other. 8. That the appellant craves leave to add, alter or forego any ground before or at the time of hearing." 3. In ITA. No. 3877/Del/2018 the assessee has raised the following grounds of appeal:- "DISALLOWANCE OF DEBENTURE REDEMPTION PREMIUM "1. That on the facts and law the learned CIT(A) erred in upholding the disallowance of Rs. 16,92,59,920 on account 'debenture redemption premium' wrongly treating the same as capital expenditure on issue of preferential share capital. 2. The disallowance as aforesaid is contrary to facts and law and is based on ign....
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.... 4. The Disallowances as aforesaid is contrary to facts and law and is based on ignoring or not appreciating inter-alia the following facts by the Ld. CIT(A). (i) The subsidiary company made a public issue (IPO) of 22.29 Cr. shares of which 16.29 Cr. were fresh shares and 6 Cr. shares were offered for sale by the appellant-holding company under 'offer for sale scheme'. (ii) As per the Red Herring Prospectus the public issue expenses were to be shared between the subsidiary and the appellant-holding company in proportion to the number of shares sold by them respectively. (iii) The total public-issue expenditure of Rs. 127.91 crores came to Rs. 5.74 per Share against a sale price of Rs. 102 per Share. The p....
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....ing the aforesaid addition of Rs. 4,62,50,000/- as no land or building was separately sold/transferred in the present case and the Ld. CIT(A) has himself not considered the stamp duty value of the land in question but arbitrarily estimated the fair market value of the same for making the addition as aforesaid. 9. The aforesaid estimated addition of Rs. 4,62,50,000/- is arbitrary, contrary to facts and law, the legal provision and is based on incorrect and absolutely irrelevant considerations to the exclusion of facts, material, evidence and submission on record and in any case highly excessive. DISALLOWAQNCE OF DEPRECIATION ON CERTAIN ASSETS OF Rs. 83,61,727/- 10 (i) That the Ld. CIT(A) has erred on facts and in l....
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....rounds of Appeal as herein are without prejudice to each other. 5. That the appellant craves leave to add, alter or forego any ground before or at the time of hearing." 5. At the time of hearing, the learned Counsel for the assessee moved an application for adjournment on the ground that paper book are to be filed. On earlier occasion also on 24th August, 2021 at the written request of the ld. Counsel for the assessee the case was adjourned to 21st October, 2021 on the ground of preparation of paper book. 6. The ld. [CIT] - DR submitted that above company has been referred to the Insolvency & Bankruptcy Code, 2016. Nobody appeared on behalf of the assessee. 7. On careful consideration it is found that the above company has....